Greenbank will play a key part in Queensland's green revolution as the State Government plans to install a 200 megawatt battery near the existing substation.
One of thirteen to be installed as part of a wider rollout, the Greenbank battery is tipped to be the state's largest and Treasurer Cameron Dick said the project would help the government meet its renewable energy targets.
"Our state has one of the highest rates of rooftop solar installation in the world," Mr Dick said.
"Large-scale batteries like the one planned for Greenbank allow us to capture the energy generated by Queenslanders, and best use it for Queenslanders.
"These batteries also power progress towards our 50 per cent renewable energy target by 2030.
"This is an investment in good clean energy jobs, better grid services, and a great lifestyle for the future."
The battery is a joint venture between state-owned CS Energy and Powerlink, and Member for Jordan Charis Mullen said the Greenbank location was an appropriate choice.
"The Greenbank substation has played an important role in regional energy transmission since 2006 and the new 400 megawatt-hour battery will be a vital part of Queensland's renewable energy revolution," Ms Mullen said.
At its full 400 megawatt-hour capacity, the Greenbank battery will be able to supply power continuously for 2 hours.
Minister Energy, Renewables and Hydrogen Mick de Brenni said the state-wide battery rollout would benefit households feeling the effects of rising energy costs, as it would allow quick access to renewable energy at a grid-wide level.
"This week's budget backs nation-building, game-changing pumped hydro storage projects in Kidston and Borumba, but batteries are the form of storage we can get into the network the fastest," Mr de Brenni said.
"The Greenbank battery will be a game-changer in the way we operate the grid and will be critical for soaking up our sunshine and wind to feed into the system when Queenslanders need it.
"It is part of an innovative partnership between Queensland's publicly-owned CS Energy and Powerlink, delivering even more reliable, cheaper and cleaner energy for Queenslanders."
A supplier for the batteries is yet to be confirmed and construction on the battery at Powerlink's Greenbank site is scheduled to begin in 2023.
CS Energy is also preparing to construct a smaller battery storage facility near Chinchilla, which is set to become operational in 2023.
Funding for the project was included in the recently-announced State Budget, with the total cost being covered by the Queensland Renewable Energy and Hydrogen Jobs Fund and internal revenue.